Rolling Stone Magazine Finds A Buyer

As previously reported, Rolling Stone publisher Jann Wenner recently decided it was time to step back from the magazine he co-founded in 1967. Now several months after news broke that the magazine was searching for a buyer, Rolling Stone has changed hands as part of a deal with Penske Media Corporation (which also owns Variety.) Penske has agreed to pick up a roughly $100 million stake in Wenner Media, with the provision that Wenner will continue to wield “majority control and editorial oversight” over Rolling Stone. Jann Wenner’s son, Gus Wenner, will remain president/COO of Wenner Media under the terms of the deal. “We are excited to build on its strong foundation and invest in its future through this partnership.”